United Projects for Aviation Services Company (UPAC), a leading commercial real estate and facilities management company, today reported net profits of KD 2.05 million for Q1 2019, down 9% from the same period a year earlier. The company also reported a 9% decrease in revenue during Q1 amounting to KD 3.29 million.
Nadia Akil, UPAC Chief Executive Officer, said: “Although our projects continue to operate efficiently and generate steady income, this quarter we witnessed softer demand for parking primarily due to the movement of Kuwait Airways and Jazeera Airways to their own dedicated terminals, resulting in a reduction of the overall traffic utilization within our managed parking facilities at Terminal 1, Kuwait International Airport. However, we anticipate a rebound as the holiday and summer travel picks up and other offsets to this decline as passenger traffic numbers for the new Terminal 4 operation begin to climb, as well as a steady increase in passenger traffic year over year at Terminal 1.”
UPAC operates four major projects in Kuwait, including the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities, as well as the management of real estate and parking facilities at the airport’s Sheikh Saad terminal. UPAC also manages the parking lot and related facilities at T4 as well as Discovery Mall in Kuwait City.
Akil said Reem Mall, the USD 1.2 billion project under construction in Abu Dhabi, is on schedule and set to open in late 2020.
